Bitcoin $600 Million Influx Sparks Optimism for a Revival to $60Bitcoin $600 Million Influx Sparks Optimism for a Revival to $60K
Bitcoin price noted a surge of nearly 8% in the past 72 hours indicating a sharp comeback.
The Open Interest has surged by $600 Million, reaching from $9.7 Billion to $10.3 Billion.
Bitcoin noted a sharp U-turn after and surged nearly 8% in the last three sessions. Aligning with the broader market recovery, BTC price was headed upwards to reclaim $60K. At the time of writing, Bitcoin was exchanging hands near $58.5K.
Moreover, There has been a substantial inflow of $600 Million in the Open Interest in BTC in the last three sessions. The rising open interests have sparked a bullishness among the investors and the BTC has taken a bounce back.
The price reclaimed above the 200 day exponential moving average suggesting strength in the buyers. However, the bulls need to retain this buying pressure in order to a continued recovery.
Bitcoin Regaining Investor’s Confidence
Earlier, Bitcoin noted a sharp decline after plummeting below a psychological $60K mark. BTC experienced a strong selling pressure towards the GETTEX:54K liquidating nearly $2 Billion long contracts.
However, the recent scenario seems to have shifted towards the bullish side. As per the data obtained by an on-chain analytics website app.santiment.net the recent sessions have seen a robust increase in the open interest contracts. The OI data has jumped by nearly $600 Million from $9.7 Million to $10.3 Million in the last three sessions.
Moreover, the intraday transaction volume surged by a swift 2% and was at $28.52 Billion at the time of writing. BTC dominates the cryptocurrency market with a live market capitalization of $1.135 Trillion and a dominance of nearly 53.5%.
Is It Easy For Bulls To Reclaim $60K?
The recent sessions have noted a recovery initiated by the bulls along with a rise in the open interest that reveals the confidence of the investors at the lower levels. on The higher side, the $60K may now turn as a supply and BTC price may face rejection near it.
Currently, Bitcoin stalls close to $58.5K and slowly and steadily rises towards the major $60K level. Now, if the bulls successfully retain the price above the 200 day Exponential moving average, BTC may continue to show recovery.
On the contrary, if the selling pressure rises in Intraday and the price looms, it may indicate the presence of bears at the higher levels and Price may suffer more. The RSI and SMA line displays a bullish divergence on the charts indicating a continued recovery in the upcoming sessions.
What’s Ahead For Bitcoin?
Bitcoin has made a significant recovery, surging 8% in recent sessions. With the BTC price currently trading near $58.5K, the bulls seem to be aiming to reclaim the $60K mark. A notable $600 million inflow into Bitcoin's Open Interest contracts has fueled investor optimism.
The On-chain data shows a jump in Open Interest from $9.7 million to $10.3 million, indicating investor confidence. Currently, BTC price has surpassed the 200 day EMA however, the bulls need to retain at higher levels in order for a continued recovery. However, intraday selling could signal bearish presence, risking further declines despite bullish indicators like RSI and SMA showing a positive divergence.
